- This new debt facility follows the one granted by EIG to Opdenergy in 2021, when they agreed to issue a financing facility of euro-denominated senior bonds for a principal amount of up to €140 million.
- The funds obtained under the new debt facility of €250 million will be used to redeem and cancel the outstanding 2021 Bonds and provide c. €106.3 million of additional capital for the construction and development of the company's short-to-mid-term growth projects.
- The agreement provides for a three-year maturity term and the bonds issued will be listed in the Frankfurt Stock Exchange.
Opdenergy closes a corporate debt facility for an amount of €250 million with EIG and Generali Global Infrastructure
Madrid, July 19th, 2022. Opdenergy, an independent renewable energy producer, has closed with EIG, a leading institutional investor to the global energy and infrastructure sectors, and Generali Global Infrastructure (“GGI”) on behalf of GGI’s funds, a new corporate debt facility of up to €250 million for the issuance of new senior bonds. This agreement is preceded by the 2021 financing facility with EIG for the issuance of euro-denominated senior bonds in a principal amount of up to €140 million (“2021 Bonds”).
Opdenergy has executed this new corporate debt facility as part of its continued growth path towards becoming a large-scale IPP in Europe, the United States and Latin America. The firm’s purpose with the capital raised is, on the one hand, to redeem the 2021 Bonds (including accrued and unpaid interest) and partially fund the transaction costs related to this new financing for an aggregate amount of approximately €143.7 million and, on the other hand, to have access to further capital for the financing of its short to medium term growth strategy with approximately €106.3 million of additional capital.
Through this new facility with EIG and GGI, Opdenergy demonstrates its ability to conclude financings on competitive terms, demonstrated by the confidence that major financing players place in the company’s business strategy.
Luis Cid, CEO of Opdenergy, stated: “We are proud to have secured this refinancing with EIG, who has trusted us with corporate financing for the past years, and having GGI join as an additional financing partner. They are instrumental in our strategy to become a large scale IPP in Europe and the Americas. Our strength and experience in the sector are the basis for large players to trust us and support us in agreements of this type. We will continue working to offer great value to the renewable sector and to become one of the main players in the renewable energy sector.”
Rob Johnson, Managing Director and Global Head of Direct Lending at EIG, stated: “We are proud to continue our support of Opdenergy as the company enters this next phase of growth. This transaction further underpins our strategy to invest in energy infrastructure supporting the energy transition.”
Gilles Lengaigne, Managing Partner of Generali Global Infrastructure, stated: “We are very pleased to partner with Opdenergy on their successful journey. Financing the growth of talented renewable energy developers and IPPs such as Opdenergy is at the heart of GGI’s commitment to mobilise capital towards investments with real impact on the acceleration of the energy transition.”
Opdenergy is an independent renewable energy producer, or IPP, in Europe, the United States and Latin America with more than 15 years of experience. The company develops, builds, finances, manages and operates high quality renewable energy projects in several countries. Opdenergy has a platform of secured assets with a total gross installed capacity of 2.4GW in operation, under construction and pre-construction phases. In addition, Opdenergy has a portfolio of pipeline projects at different stages of development of around 11GW that support its growth strategy.
Opdenergy plays an important role in the decarbonization of energy in the different countries in which it operates. It is present and has pipeline projects in five markets in Europe (Spain, Italy, United Kingdom, France and Poland), in the United States and in three markets in Latin America (Chile, Mexico and Colombia).
Opdenergy has secured more than 2.6GW of PPA contracts in different countries with investment grade off-takers and in hard currency.
EIG is a leading institutional investor to the global energy and infrastructure sectors with $25.0 billion under management as of March 31, 2022. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed over $40.0 billion to the energy sector through more than 380 projects or companies in 38 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.
About Generali Global Infrastructure
Generali Global Infrastructure is an asset management company specialized in sustainable infrastructure investments. The company was founded by three partners, Philippe Benaroya, Alban de La Selle and Gilles Lengaigne, as part of a strategic partnership with the Generali Group and manages €6.6 billion in investments from institutional investors (assets under management as of July 2022). The investment solutions deployed by Generali Global Infrastructure are based on the resilience of the asset class and its stable returns over the long term, as well as its ability to contribute to sustainable development. They seek to respond to the major challenges facing society, such as the energy transition, green mobility, the digital transition and the improvement of social infrastructure in the health and education sectors. This positioning, combined with a high degree of selectivity in the investment process, enables Generali Global Infrastructure to generate sustainable value for its clients. Generali Global Infrastructure is part of the Generali Investments’ ecosystem of asset management firms, and a key component of Generali’s capabilities in real assets. https://generaliglobalinfrastructure.com/
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